• Phone:  604-328-0077

Closing Costs

Legal fees (Notary Public or Lawyer).

B.C.Property Transfer Tax is based on the property purchase price and is 1% to $200,000 & 2% on remainder and 3% over $2M. First time buyer are exempt is purchase price is less than $475,000.


Buyers who are foreign entities - The PTT will be an additional 15% of the sale price, in addition to the standard PTT. 

 

  • A foreign national is one who is not a Canadian citizen or permanent resident.  If it is company that is purchasing, a foreign company is one that is not incorporated in Canada, or incorporated in Canada but controlled in whole or in part by a foreign national or other foreign corporation;
  • The increased tax only applies to properties in the Greater Vancouver Regional District, and does not apply elsewhere in the Province, or the Tsawwassen First Nations Lands;
  • The tax only applies to residential properties, not commercial;
  • The increased tax is effective August 2, 2016, regardless of when the contract is signed.     Even if the contract was signed weeks ago, if it completes after August 2, 2016 there is a higher tax
  • Buyer's lawyer or NP will need to confirm the clients SIN number and compare it to an official government document, such as a passport or SIN card. 
  • The additional tax is payable even if there would normally be an exemption available.  Transfers between related individuals, transmission to surviving joint tenant and other such items now attract the additional tax.
  • Foreigners with work permits who live and work in  BC and pay BC taxes will be exempt from the tax.

 

Additiional Closing Costs

Building inspection.

Condo building move in fees.

Realtor fees, if applicable

Maintenance fees and property taxes will be pro-rated as of the closing date.

Third party liability and personal contents insurance. 


Empty Home Tax

 

Homes that are deemed empty will be subject to a tax of 1% of the property’s assessed value.

 

The Empty Homes Tax will be applied annually, with the first tax year beginning on January 1, 2017. 

 

Most homes will not be subject to the tax, as it does not apply to principal residences or homes rented on a long-term basis.

Click for more info



Post-Closing Costs

Most Vancouver home buyers calculate their closing costs, such as legal fees, property transfer tax, moving truck, hooking up utilities, but they forget about the post clsoing costs. Here is a quick overview.

Changing the Locks

When you move into your new home you’ll want to change the locks because you don't know who the former owner may have given a key to. This is smart security.

Cleaning

Vancouver home sellers should do the right thing and have their property professionally cleaned after they have moved out. Unfortunately this isn't always the case. So in additiion to cleaning your old home, you may also have to clean your new one.  Whether you’re buying cleaning supplies and doing it yourself, or hiring someone to clean for you, this will be an additional cost.

Decorating

Your new Vancouver home may require painting, new floors or carpets, new light fixtures or any other decorating items. Make a budget. You may decide to do some items when you move in, or leave them for another time.

Appliances

Do the appliances require updating? If so, this can be expensive.

Tools and Equipment

If this is your first Vancouver home, you’ll need to own some basic tools for home repairs.

Contact Form
*indicates required fields.
Your Email:*
Your Name:*
Your Telephone:
Subject:
Message:*
Please type the text as it appears above: